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Sanlorenzo reveals double-digit growth
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The Italian shipyard has announced impressive year-end financials including a 13 per cent increase in revenue from Sanlorenzo and Bluegame yacht sales.
Sanlorenzo 57Steel; Photo: Guillaume Plisson
Sanlorenzo announced €840.2 million of net revenue from the sale of new yachts in 2023, which represented a 13.4 per cent increase on 2022 and was among last year’s double-digit growth in multiple metrics. The shipyard issued financial information following the Board of Directors’ approval of the preliminary consolidated results as of December 31, 2023.
The new yacht revenues comprised €510.6 million from Sanlorenzo’s composite Yacht series (24-38m: SL, SD, SX, SP), €238.3 million from Sanlorenzo’s metal Superyacht lines (40-73m; Alloy, Steel, Explorer, X-Space), and €91.3 million from Bluegame composite ranges (13-23m; BG, BGX, BGM).
The company also announced €157.5 million of EBITDA (earnings before interest, taxes, depreciation and amortization), which was 21.5 per cent higher than in 2022 and with a 18.7 per cent margin on revenues.
Sanlorenzo also announced €44.5 million of organic net investments, of which 90 per cent was expansionary, dedicated to production-capacity increase and developing new models and lines.
Sanlorenzo SD90
The shipyard had a net cash position of €140.5 million as of December 31, which was significantly up on €100.3 million a year earlier and in line with the guidance revised upwards after the H1 2023 results. Other financials included a backlog equivalent to €1,041.7 million, of which €587.1 million refers to 2024 and €454.6 million to ensuing years.
Massimo Perotti, Chairman and CEO of Sanlorenzo, said: “Reliability, commitment, determination and transparency, always on track towards our goals. These are the values that have always guided the Group, which shows the preliminary results of 2023 hitting the guidance already increased on the approval of the first-half results.
“The performance of the year is substantiated by the growth of all the main metrics – at income and assets level, as well as in terms of constant ability to generate new cash to support future investments and the remuneration of our shareholders.
“Sanlorenzo products are icons of the sea, ambassadors of Made in Italy excellence in the world, the highest expression of quality craftsmanship, design, innovative inspiration as well as technological and execution know-how. A unique ability enhanced by the clear high-end positioning strategy of our brand, which is not limited to product excellence but is an essential element of all our actions to keep this positioning.”
Sanlorenzo SL90A
Perotti also spoke about Sanlorenzo’s year-end acquisitions of international charter company Equinoxe and Simpson Marine, Asia’s largest yacht dealer, which has represented Sanlorenzo since 2015 and Bluegame since 2020.
“The acquisition of Simpson Marine allows us direct control in the APAC area towards which we have significantly high expectations in the medium to long term, while the capillary structure in the Southeast Asia will be synergic with the international development strategy of services,” he said.
“For example, in chartering, besides the activities started with the acquisition of Equinoxe, the Group’s network will allow us to extend the offer on an intercontinental basis.”
Sanlorenzo has also signed a Memorandum of Understanding to explore a possible partnership with Nautor Swan, the Finnish yacht builder owned by Italian Leonardo Ferragamo since 1998.
“This would fit perfectly into our long-term strategy,” Perotti said, “especially in terms of sustainability given the obvious complementarity between the world of sailing and the cutting-edge technologies we’re applying, with the use of green methanol and hydrogen as yachting fuels of the future.”
